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What the effective annual opportunity cost of paying monthly

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Reference no: EM132593680

Question 1: Mooncorp Insurance has quoted you an annual premium to insure your car of $2400. You are offered a 15% discount if you pay the lump sum immediately. You can also pay the account by making 12 equal end of month payments of $200. The effective annual opportunity cost of paying monthly as a percentage to two decimal places is? (Accurate to one basis point.)

Option a: 31.12%

Option b: 35.97%

Option c: 0% because this is a discount and you are not being charged interest

Option d: cannot be calculated

Option e: 15%

Option f: 2.59%

Reference no: EM132593680

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